By Anna Stablum April 26 (Bloomberg) -- Copper rose to a one-week high in New York and London after Greece moved toward securing a financial rescue package, abating concerns of an economic slowdown in the euro region. Greece’s Finance Minister George Papaconstantinou said money will be available “rather soon” and his country wouldn’t restructure its debt. He was speaking to reporters in Washington yesterday as he negotiated a three-year loan plan with the International Monetary Fund and European governments. “It looks like there is some resolution on Greece,” Deutsche Bank AG analyst Daniel Brebner in London said by phone. “It resolves some of the near-time concerns.” Futures for July delivery gained $2.35, or 0.7 percent, to $3.554 a pound at 8:13 a.m. on the Comex in New York. The most- active contract reached $3.5805 a ton earlier, the highest intraday price since April 16. Copper for delivery in three months rose 0.7 percent to $7,805 a metric ton on the London Metal Exchange. Prices rose for a second day on speculation a recovering global economy, led by China, will boost metals demand. China will keep its “relatively easy” monetary policy, Central Bank Governor Zhou Xiaochuan said in a statement at an IMF meeting, even as the country tightened real-estate financing by requiring developers to submit fund-raising plans for review. China will continue with “stable and relatively rapid” growth this year, while balancing “inflation expectations,” Zhou said. The central government projects gross domestic product growth of about 8 percent and an inflation rate of 3 percent this year, according to his statement. Copper Produced Construction uses a quarter of all the copper produced, according to the Copper Development Association. In industrial metals “a strong recovery in non-Chinese demand, combined with steady (albeit weaker) Chinese demand growth, will keep markets tight,” according to a report by Macquarie Bank analysts led by Max Layton in London. In the U.S., copper’s second-largest user, sales of new homes soared 27 percent in March, climbing the most in 47 years to a level that surpassed the highest forecast of economists surveyed by Bloomberg News. Orders for goods meant to last at least three years, excluding cars and aircraft, gained 2.8 percent, data showed on April 23. Copper stockpiles tracked by the LME fell 0.2 percent to 506,125 tons. Bookings to remove metal from inventories jumped 38 percent to 30,675 tons, more than double a week ago. Nickel for three-month delivery on the LME rose 1.1 percent to $27,340 a ton. Prices have gained 48 percent this year, the most among the six main metals traded on the exchange. Stainless Steel Demand from stainless steel producers, consuming about two- thirds of all nickel, will expand 19.6 percent this year to 30.9 million tons, according to Macquarie. The supply shortfall will be 85,000 tons this year and 17,000 tons next year, it said. “A price target of close to $30,000 a ton appears likely,” Macquarie’s Layton said. Aluminum fell 0.3 percent to $2,328 a ton. Stockpiles in LME warehouses dropped 0.2 percent to 4.56 million tons. Tin gained 0.3 percent to $19,050 a ton. Stockpiles in LME- monitored warehouses fell for a third day, down 2.8 percent to 21,615 tons, the lowest level since Sept. 11. One party holds 50 percent to 79 percent of the tin stocks tracked by the LME, bourse data on April 22 showed. One party held at least 40 percent of short positions, or bets on lower prices, expiring in May, with a further three parties each holding 5 percent to 9 percent, LME data on April 21 showed. Only the three positions at 5 percent to 9 percent remained the following day. Zinc rose 1.7 percent to $2,445 a ton and lead rose 1.8 percent to $2,340.75 a ton. To contact the reporter on the story: Anna Stablum in London at astablum@bloomberg.net.

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